XRP Ledger Surpasses Stellar in Stablecoin Market Cap Driven by RLUSD

XRPL Stablecoin Supply Outpaces Stellar Network

According to DeFiLlama data, the total stablecoin market capitalization on the XRP Ledger reached 9억5349만 달러, compared to 2억1770만 달러 on the Stellar network. RLUSD accounts for the vast majority of stablecoin value on the XRP Ledger, representing 8억4846만 달러, or roughly 88.98% of the chain’s total stablecoin supply. In contrast, USD Coin (USDC) dominates the Stellar network, making up 89.31% of its total stablecoin market capitalization, based on DeFiLlama figures.

While both blockchain networks position themselves as payment-type blockchains, their underlying asset concentration differs significantly. XRPL relies heavily on Ripple’s dollar-pegged token, whereas Stellar maintains its ecosystem liquidity primarily through USDC.

Ripple USD Distribution and Regulatory Milestones

Ripple has actively expanded the availability and regulatory footprint of RLUSD across international markets through a series of partnerships and licensing steps. On August 6, Ripple’s transparency data reported an overall RLUSD circulating supply of 15억8960만 달러 backed by 17억260만 달러 in reserves. This figure encompasses tokens issued across both the XRP Ledger and the Ethereum network, making total issuance figures distinct from the specific on-chain supply tracked on XRPL alone.

To support cross-border corridors, Ripple integrated regional partnerships throughout the year. On June 2, Ripple announced a partnership with BiLira, Bitexen, and Bitlo to bring RLUSD access to institutional clients in Turkey. Shortly after, on June 11, Ripple expanded its collaboration with Bitso to integrate the Mexican peso-backed stablecoin MXNB onto the XRP Ledger’s permissioned decentralized exchange infrastructure alongside RLUSD, targeting U.S.-Mexico payment flows.

Asia-Pacific and European expansion followed later that month. On June 24, Ripple launched RLUSD officially in Japan through SBI VC Trade, following approval from the Japanese Financial Services Agency to serve both retail and institutional users. In Europe, Ripple announced on June 23 that it secured preliminary authorization as a crypto-asset service provider under the European Union’s Markets in Crypto-Assets (MiCA) regulation from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg, establishing a foundation to offer payment and stablecoin services across 30 European Economic Area countries.

Stellar Network Focuses on Institutional Tokenization

The Stellar Development Foundation continues to expand its network capabilities through institutional tokenization projects rather than pursuing raw supply milestones alone. The foundation integrated Ondo Finance’s USDY onto the Stellar network to broaden options for institutional participants.

Additionally, U.S. These initiatives reflect the Stellar Development Foundation’s broader strategy to enhance payment and tokenization infrastructure and expand real-world institutional use cases for payment rails.